Decade-high iron ore price deccelerates losses: Aus shares trading 0.6% lower

Market Reports

by Michael Luu

Australian shares dipped in opening trade, as losses in the banking sector and supermarket giants Coles (ASX:COL) and Woolworths (ASX:WOW) weighed down the market. Iron ore players helped to decelerate the broader downturn and keep the ASX in the 7000s region at lunchtime, on the back of the commodity’s 3.9 per cent rise to a 10-year-high of $US193.58. The news shot shares in mining heavyweights BHP (ASX:BHP) and Rio Tinto (ASX:RIO) up 0.3 and 0.6 per cent up respectively. Acquisition-related sentiment also launched shares in the Tabcorp (ASX:TAH) and Bingo Industries (ASX:BIN) into the top three best performing stocks by midday.

At noon, the S&P/ASX 200 is 0.55 per cent or 38.90 points lower at 7006.70.

The SPI futures are pointing to a fall of 34 points.

Best and worst performers

The best-performing sector is Materials, up 0.14 per cent.

The best-performing stock in the S&P/ASX 200 is Bingo Industries (ASX:BIN), trading 6.72 per cent higher at $3.42. It is followed by shares in Unibail-Rodamco-Westfield (ASX:URW) and Tabcorp Holdings (ASX:TAH).

The worst-performing stock in the S&P/ASX 200 is Mesoblast (ASX:MSB), trading 6.62 per cent lower at $1.91. It is followed by shares in Nickel Mines (ASX:NIC) and Adbri (ASX:ABC).

Commodities and the dollar

Gold is trading at US$1776.22 an ounce.
Iron ore is 3.9 per cent higher at US$193.58 a ton.
Iron ore futures are pointing to a rise of 1.27 per cent.
One Australian dollar is buying 77.91 US cents.

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